Toronto Dominion Bank Cuts Stock Holdings in Phillips 66 (NYSE:PSX)

Toronto Dominion Bank lessened its stake in Phillips 66 (NYSE:PSX) by 14.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 209,101 shares of the oil and gas company’s stock after selling 36,536 shares during the quarter. Toronto Dominion Bank’s holdings in Phillips 66 were worth $29,519,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Madison Park Capital Advisors LLC grew its holdings in shares of Phillips 66 by 3.0% in the 1st quarter. Madison Park Capital Advisors LLC now owns 2,346 shares of the oil and gas company’s stock worth $383,000 after acquiring an additional 68 shares during the period. Warwick Investment Management Inc. boosted its position in Phillips 66 by 3.1% during the fourth quarter. Warwick Investment Management Inc. now owns 2,395 shares of the oil and gas company’s stock worth $319,000 after purchasing an additional 73 shares in the last quarter. MV Capital Management Inc. grew its holdings in Phillips 66 by 9.6% in the first quarter. MV Capital Management Inc. now owns 837 shares of the oil and gas company’s stock valued at $137,000 after purchasing an additional 73 shares during the last quarter. Mitchell & Pahl Private Wealth LLC increased its position in shares of Phillips 66 by 0.4% in the second quarter. Mitchell & Pahl Private Wealth LLC now owns 17,847 shares of the oil and gas company’s stock valued at $2,519,000 after buying an additional 74 shares in the last quarter. Finally, Catalyst Financial Partners LLC raised its stake in shares of Phillips 66 by 5.1% during the 2nd quarter. Catalyst Financial Partners LLC now owns 1,514 shares of the oil and gas company’s stock worth $214,000 after buying an additional 74 shares during the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the completion of the sale, the chief financial officer now owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.22% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PSX. Morgan Stanley lowered their price objective on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Wolfe Research began coverage on shares of Phillips 66 in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Wells Fargo & Company raised their price objective on shares of Phillips 66 from $176.00 to $182.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 3rd. Piper Sandler reduced their target price on Phillips 66 from $151.00 to $136.00 and set an “overweight” rating on the stock in a research note on Friday, September 20th. Finally, TD Cowen dropped their price target on Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $154.21.

Phillips 66 Stock Performance

Phillips 66 stock opened at $129.85 on Thursday. The stock has a fifty day moving average price of $134.81 and a 200 day moving average price of $143.38. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56. Phillips 66 has a 52 week low of $107.85 and a 52 week high of $174.08. The firm has a market capitalization of $55.05 billion, a P/E ratio of 9.99, a PEG ratio of 5.26 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.33. The company had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $37.79 billion. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period in the previous year, the company earned $3.87 EPS. Equities research analysts anticipate that Phillips 66 will post 8.31 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th were issued a $1.15 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.54%. Phillips 66’s dividend payout ratio (DPR) is 35.38%.

Phillips 66 Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.